Frugal Living YouTuber Austin Williams: 11 Frugal Habits for 2024

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If your New Year’s resolution is to practice frugal habits, you’re not alone. Roughly 31% of Americans say they plan to reduce spending in 2024 according to BMO Financial Group.

Frugal-living YouTuber Austin Williams shared 11 essential habits to consider for a frugal lifestyle in 2024. Here’s what he had to say.

1. Define Frugality for Your Lifestyle

During an episode of his show, Williams emphasizes the diversity in frugal living. He argues that frugality isn’t a one-size-fits-all concept. Frugal habits vary depending on individual circumstances like family size, location, and income. He suggests defining what frugality means for your specific situation.

2. Prioritize Your Values

Contrary to the belief that frugality is synonymous with being cheap, Williams points out that it’s about eliminating wasteful spending to focus resources on things that add value to your life. This involves identifying and prioritizing personal values.

3. Practice Contentment

An important aspect of frugal living is contentment. In a consumer-driven society, Williams observes a constant pursuit for more, often ignoring the abundance already present. He recommends taking time to appreciate the things you already have.

4. Define Enough

Understanding what enough means to you is key. Williams discusses the importance of recognizing when you have sufficient resources and the quality of life you desire, avoiding the trap of always wanting more.

5. Be Self-Sufficient

Self-sufficiency is a hallmark of frugality. Williams notes that many people outsource tasks like cooking, shopping, and cleaning, which, while convenient, can be costly. He recommends handling these tasks personally so you can save money and gain a sense of ownership over your life.

6. Embrace DIY

With the amount of information available online, Williams encourages learning to do things yourself. This habit not only saves money but also helps in acquiring new skills.

7. Invest in Index Funds

Williams shares his experience with stock market volatility and how maintaining investments in index funds, even during tough times, can be financially beneficial in the long run.

8. Have a Long-term Mindset

Williams stresses the importance of a long-term approach over quick financial gains. This involves setting realistic time frames for achieving goals, whether in savings or investments.

9. Be Consistent

Drawing parallels with his YouTube journey, Williams highlights consistency as a key to success. This applies to financial goals as well. Consistent efforts over time yield significant results.

10. Exercise Self-Control

Williams points out that self-control is critical in managing finances. This involves making conscious spending decisions and resisting impulsive purchases.

11. Live with Balance

Williams advocates for a balanced approach to frugality, avoiding both overspending and underspending. He shares his own experiences with extreme frugality and how treating yourself occasionally can prevent a sense of deprivation.

The Takeaway

Williams’ 11 habits provide a comprehensive guide if you’re looking to embrace a frugal lifestyle in 2024. His approach balances practical financial management with a focus on personal values and contentment, offering a blueprint for financial freedom.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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